The overall number of Indian women entrepreneurs has significantly increased in recent years. However, despite their remarkable rise in the economic sector, women entrepreneurs still face a number of obstacles, such as restricted funding sources.
To encourage the independence of women in India, the government has started a number of projects. The Udyogini scheme is one such program that provides financial support to women residing in areas that are still undeveloped. We are going to address the Udyogini plan, its eligibility requirements, the necessary paperwork, and the application procedure in this post.
The Udyogini Scheme: What is it?
Making Indian women self-sufficient and Atma Nirbhar is one of the government’s top priorities. As a result, the government started the Udyogini program to provide financial support to young, female entrepreneurs in rural and disadvantaged regions across India.
Additionally, this program gives financially disadvantaged women entrepreneurs the ability to launch their own enterprises. Beneficiaries of this program can apply for business loans to launch ventures in a variety of industries. Financial institutions have been mandated by law to provide interest-free business loans to women from a variety of social backgrounds.
Eligibility Criteria for Udyogini Scheme
The goal of the Udyogini initiative is to support women by giving them access to economic opportunities and encouraging female entrepreneurship in India.
These Are the Requirements to be Eligible for the Udyogini scheme:
- A woman must be the applicant.
- Candidates have to be between the ages of 18 and 55.
- The applicant’s family income cannot exceed Rs. 1.5 lakh per year.
- Benefit recipients or beneficiaries who fall into the categories of disabled, widowed, or impoverished have no maximum limit.
- This program is available to applicants whose companies operate in small-scale industry sectors, retailers, manufacturers, traders, self-employed workers, and other relevant categories.
- Candidates need to have a high credit score.
Documents Needed for the Udyogini Program
Applying for the Udyogini Scheme requires submitting the following paperwork to a financial organization:
- Three passport-sized colored photos.
- Voter ID or ration card.
- A detailed project report (DPR) outlining the project for which funding is requested.
- Documentation demonstrating training or experience related to the activity for which you are requesting financial support.
- The family’s annual income statement.
- Certificate of caste if you are a candidate who is ST/SC.
- Quotes for capital costs, machinery, and equipment.
The Best Business Loan Offers 2024 for Women Business Enthusiasts
| Loan Provider | R.O.I | Processing Fees | Loan Amount | Cibil Score |
| HDFC Bank Business Loan | 16% – 20% (Reducing Per Annum) | 1% – 2% | 1.00 Lacs – 10.00 Lacs | 700 |
| Poonawala Finance Business Loan | 18.75% – 20% (Reducing Per Annum) | 2% – 4% | 2.00 Lacs – 10.00 Lacs | 700 |
| Bajaj Finserv Business Loan | 21% – 24% (Reducing Per Annum) | 2% – 3% | 1.50 Lacs – 30.00 Lacs | 720 |
| Tata Capital Business Loan | 22% – 25% (Reducing Per Annum) | 3% – 4% | 1.00 Lacs – 15.00 Lacs | 675 |
| Lendingkart Business Loan | 21% – 40% (Reducing Per Annum) | 3% – 4% | 1.00 Lacs – 1.00 cr | 600 |
| Incred Business Loan | 16% – 33% (Reducing Per Annum) | 2% – 5% | 50.00 k – 10.00 Lacs | 650 |
| Flexi Business Loan | 18% – 30% (Reducing Per Annum) | 3% – 4% | 1.00 Lacs – 25.00 Lacs | 700 |
| Indifi Unsecured Business Loan | 18% – 30% (Reducing Per Annum) | 3% – 4% | 1.00 Lacs – 30.00 Lacs | 700 |
| PaySense Business Loan | 18% – 22% (Reducing Per Annum) | 2% – 6% | 50.00 k – 10.00 Lacs | 700 |
| Ayefin Business Loan | 28% – 29.5% (Reducing Per Annum) | 2.5% – 3% | 5.00 k – 3.50 Lacs | 650 |
| Faircent Eazzy Loan | 25% – 30% (Reducing Per Annum) | 7% – 8% | 50.00 k – 1.50 Lacs | 630 |
| Money View Business Loan | 16% – 36% (Reducing Per Annum) | 2% – 5% | 5.00 k – 5.00 Lacs | 650 |
| Hero Fincorp Business Loan | 19% – 27% (Reducing Per Annum) | 2% – 4% | 1.00 Lacs – 5.00 Lacs | 630 |
| Faircent Business Loan | 25% – 30% (Reducing Per Annum) | 7% – 9% | 50.00 k – 10.00 Lacs | 550 |
| Ambit Finance Business Loan | 20% – 28% (Reducing Per Annum) | 3% – 3.5% | 2.00 Lacs – 50.00 Lacs | 675 |
| Choice Finserv Business Loan | 22% – 26% (Reducing Per Annum) | 2% – 3% | 1.00 Lacs – 7.50 Lacs | 700 |
| Get Vantage Business Loan | 16% – 20% (Reducing Per Annum) | 5% – 8% | 5.00 Lacs – 10.00 cr | 700 |
| Recur Club Business Loan | 16% – 20% (Reducing Per Annum) | 2% – 3% | 10.00 Lacs – 10.00 cr | 650 |
| MAXEMO Business Loan | 22% – 30% (Reducing Per Annum) | 4% – 8% | 5.00 Lacs – 30.00 Lacs | 650 |
| ARKA Business Loan | 18% – 20% (Reducing Per Annum) | 2% – 3% | 1.00 Lacs – 30.00 Lacs | 700 |
| FINAGG Supply Chain Finance | 18% – 20% (Reducing Per Annum) | 2% – 3% | 1.00 Lacs – 50.00 Lacs | 700 |
| Stashfin Business Loan | 2.45% – 4% (Fixed Monthly) | 1% – 1% | 10.00 k – 5.00 Lacs | 725 |
| HDFC Bank Business Loan | 16% – 18% (Reducing Per Annum) | 1% – 2% | 1.00 Lacs – 75.00 Lacs | 700 |
| ICICI Bank Business Loan | 16% – 18.5% (Reducing Per Annum) | 1.5% – 2% | 10.00 Lacs – 1.00 cr | 700 |
| Yes Bank Business Loan | 16.5% – 19.5% (Reducing Per Annum) | 2.5% – 4% | 5.00 Lacs – 50.00 Lacs | 650 |
| Induslnd Bank Business Loan | 16% – 20% (Reducing Per Annum) | 2% – 3% | 10.00 Lacs – 50.00 Lacs | 680 |
| AXIS Bank Business Loan | 16% – 18% (Reducing Per Annum) | 1.75% – 3% | 5.00 Lacs – 75.00 Lacs | 700 |
| Kotak Mahindra Business Loan | 16% – 18% (Reducing Per Annum) | 2% – 3% | 5.00 Lacs – 2.00 cr | 630 |
| Deutsche Bank Business Loan | 16% – 20% (Reducing Per Annum) | 2% – 3% | 15.00 Lacs – 1.00 cr | 680 |
| IDFC Bank Business Loan | 16% – 19% (Reducing Per Annum) | 1.5% – 3% | 10.00 Lacs – 75.00 Lacs | 700 |
| Standard Chartered Business Loan | 16.5% – 18% (Reducing Per Annum) | 2% – 3% | 10.00 Lacs – 1.00 cr | 720 |
| Unity Bank Business Loan | 16.5% – 22% (Reducing Per Annum) | 2% – 3% | 10.00 Lacs – 50.00 Lacs | 700 |
| Bajaj Finserv Business Loan | 17% – 20% (Reducing Per Annum) | 1.75% – 3% | 5.00 Lacs – 50.00 Lacs | 700 |
| Aditya Birla Business Loan | 15.75% – 20% (Reducing Per Annum) | 2% – 3% | 5.00 Lacs – 50.00 Lacs | 700 |
| Aditya Birla Business Loan (Small) | 23% – 29% (Reducing Per Annum) | 2.5% – 3.75% | 1.00 Lacs – 10.00 Lacs | 700 |
| Tata Capital Business Loan | 17% – 20% (Reducing Per Annum) | 2% – 3% | 7.50 Lacs – 50.00 Lacs | 700 |
| Hero Fincorp Business Loan | 18% – 21% (Reducing Per Annum) | 2% – 3% | 7.00 Lacs – 40.00 Lacs | 700 |
| Piramal Finance Business Loan | 16.49% – 25% (Reducing Per Annum) | 2.75% – 4% | 1.00 Lacs – 15.00 Lacs |
How Can One Apply for the Udyogini Program?
Both online and offline methods are available to candidates for the Udyogini Scheme. To become eligible for the Udyogini scheme, aspirants can follow these easy steps.
Online Process
The Udyogini scheme can be applied for online by following these easy steps:
Step 1: Go to the official bank website that provides loans through the Udyogini program.
Step 2: Use the navigation bar to find the Udyogini scheme option, then click the link to submit the application.
Step 3: Following spot verification, the CDPO will review your application and then send it to the selection committee.
Step 4: Following that, your application form will be reviewed and sent to the bank.
Step 5: In order to process your loan application, they will check your documentation and project plan.
Step 6: Following a successful verification process, they will write to the organization requesting the release of the subsidy.
Step 7: Upon approval of your loan application, the bank will disburse the loan amount.
Step 8: If you need money for machinery, equipment, or other capital expenses, they will transfer the loan amount straight to your banking account or the supplier’s account.
Offline Process
To apply for the Udyogini scheme offline, just take these easy steps:
Step 1: Visit the bank’s official website to access the application form for loans under the Udyogini plan. Otherwise, pick one up at the Deputy Director or CDPO office.
Step 2: Bring all the necessary paperwork when you visit the closest bank that provides a loan under the Udyogini plan.
Step 3: Complete the application and send it in with the necessary paperwork to the officials.
Step 4: They will review the documentation and project suggestions, as well as confirm your loan requests.
Step 5: Following that, your loan application will be processed, and a letter requesting the firm to release the subsidy will be sent.
Step 6: The bank pays the money to your bank account or straight to suppliers’ accounts for purchases of machinery, equipment, and other capital goods after approving the loan request.
Interest Rate for the Udyogini Scheme
Women who want to support their small businesses can apply for interest-free loans under the Udyogini plan, which makes them Atma Nirbhar. Under this policy, interest-free loans are available to widows, disabled people, and Dalits; women in other categories must pay 10% to 12% interest on their borrowed amount.
Nonetheless, the interest rate from which you are requesting this scheme is regulated by the financial institutions. Additionally, you will receive a 30% subsidy on your family’s yearly earnings under this plan.
Benefits of the Udyogini Scheme
When you use the Udyogini scheme, you will receive the following advantages:
If you meet the requirements for this scheme, you may be eligible for a loan of up to Rs. 3 lakhs.
You can launch a business under one of 88 small-scale industries by using such a plan.
Loans with no interest are accessible if you’d want to launch an enterprise in the agricultural industry.
It also seeks to provide practical knowledge on pricing, feasibility, costing, business planning, and other topics to women.
In order to assist women in repaying their loans, this program provides a 30% subsidy on loans.
To guarantee a seamless assessment, the Udyogini application form review procedure is transparent.
List of Business Types Enabled by the Udyogini Program
The following is a list of business categories that the Udyogini plan supports:
| Category | Sub-category |
| Manufacturing | Agarbatti manufacturing |
| Banana leaf manufacturing | |
| Bed sheet and towel manufacturing | |
| Bottle cap manufacturing | |
| Bamboo article manufacturing | |
| Chalk crayon manufacturing | |
| Chappal manufacturing | |
| Cleaning powder | |
| Coffee and tea powder | |
| Corrugated box manufacturing | |
| Cotton thread manufacturing | |
| Cut-piece cloth trade | |
| Dry fish trade | |
| Edible oil trade | |
| Fax paper manufacturing | |
| Handicrafts manufacturing | |
| Ink manufacturing | |
| Jams, jellies, and pickles manufacturing | |
| Jute carpet manufacturing | |
| Leaf cup manufacturing | |
| Mat weaving | |
| Matchbox manufacturing | |
| Nylon button manufacturing | |
| Papad manufacturing | |
| Phenyl and naphthalene | |
| Plastic article shop | |
| Printing and dyeing | |
| Quilt and bed manufacturing | |
| Ragi powder shop | |
| Ribbon manufacturing | |
| Sari & embroidery | |
| Shikakai powder manufacturing | |
| Silk weaving | |
| Silk thread manufacturing | |
| Silk-worm rearing | |
| Soap oil, cake manufacturing | |
| Vermicelli manufacturing | |
| Woolen garment manufacturing | |
| Retail | Audio-video parlour |
| Beauty Parlour | |
| Bangles | |
| Books and notebooks binding | |
| Coconut shop | |
| Dairy and poultry trade | |
| Eat outs | |
| Fairtrade shop | |
| Fish stalls | |
| Flower shops | |
| Fuelwood | |
| Gift articles | |
| Household article retail | |
| Milk booth | |
| Mutton stalls | |
| Newspaper, weekly, and monthly magazine vending | |
| Old paper mart | |
| Pan and cigarette shop | |
| Pan masala shop | |
| Readymade garment | |
| Stationery shop | |
| Services | Bakeries |
| Canteen and catering | |
| Clinic | |
| Condiments | |
| Creche | |
| Diagnostic lab | |
| Dry cleaning | |
| Energy food | |
| Flour mills | |
| Footwear manufacturing | |
| Gym centres | |
| Library | |
| Photo studio | |
| Radio and TV service | |
| Real estate agency | |
| Security service | |
| Shops and establishment | |
| STD booths | |
| Sweet shops | |
| Tailoring | |
| Tea stall | |
| Travel agency | |
| Tutorials | |
| Typing institute | |
| Vegetable vending | |
| Other | Wet grinding |
Helpline Number for Udyogini Scheme
If you have any problems using the Udyogini scheme’s benefits, you can contact their information helpline at +91-9319620533. They will assist you in resolving your problems and provide you with information about this scheme.
Thus, the government introduced the Udyogini plan to support and encourage women entrepreneurs in India’s underdeveloped areas. It gives people financial support to establish a business by enabling them to become Aatmanirbhar and choose loans with no or low interest rates. Therefore, the government assists female entrepreneurs in acquiring skills and achieving financial stability.
Which Banks are Offering the Udyogini Scheme?
A number of commercial banks, private banks, district cooperative banks, regional rural banks (RRBs), and non-banking financial companies are offering the Udyogini scheme.